Update On Orinoco Oil Belt Hotel: Hotel Cristo Rey

“We are very happy to present the architectural project for our Orinoco Oil Belt Hotel, formally named ‘Hotel Santo Cristo de Pariaguan’,” said Mr. Oscar Brito, President of Metrospaces, Inc. “We now have a final project in place, and will be presenting to the City of Pariaguan for planning approval, and to the Ministry of Tourism for pre-approval for commercial banking financing in the coming weeks. We expect to have planning approval in the coming 4 months, with a total of 6 months for planning and Ministry of Tourism approval. This is a big step for our company, since we are clearly now moving into bigger and more profitable projects. We have made a presentation available for download.”

Metrospaceswww.metrospaces.net is a publicly traded real estate investment and development company which acquires land, designs, builds, develops, and then resells condominiums and Luxury High-End Hotels, principally in urban areas of Latin America. The company’s current projects are located in Buenos Aires, Argentina, and Caracas, Venezuela.

Six years ago, Metrospaces shareholders saw a unique opportunity to participate in several exciting property markets around the world. Through their world-wide network of highly recognized real estate entrepreneurs, the company was able to capitalize on unique real estate development opportunities. Since Inception, the company has leveraged those relationships along with extensive financial expertise and transformed excellence by results.

Metrospaces is a boutique real estate development company, a product of the alliance of Metrospace shareholders, along with an elite group of real estate professionals and entrepreneurs located around the world. Company shareholders have extensive careers in real estate financing worldwide, and have funded projects both in the Americas and across Europe, valued in excess of US $350Million.

Metrospaces’ majority shareholders have partnered with Investors on Elite properties, including The London BVLGARI 5 Star Hotel, and is currently involved in negotiations for the development of several elite luxury properties in South America.

Among Metrospaces partners are architects, real estate developers, agents, and attorneys of the highest standing, with extensive experience in the global property market.

Statements in this news release may be “forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.